Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. I thought I would check out this book as Merger Arbitrage was a topic that I thought sounded “sexy” and would be interesting to learn about. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. I would recommend Merger Arbitrage by Kirchner because it basically covers this whole book in its first chapter(just makes me wonder how does did the author take a whole book to cover the info Kirchner did in a single chapter) and it has 12 more! "I am delighted that Keith Moore has been able to write a book describing the business of risk arbitrage in such a user-friendly way. It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrag… The book is very technical as it goes through a lot of the math calculating parity which shows the underlying math used to calculate the arbitrage opportunity in these merger cases. I go over everything from start to finish, including sourcing, listing, grading, pricing and repricing. Originally published in 1982, Risk Arbitrage has become a classic on arbitrage strategies by the dean of the arbitrage community. published in 1971, Risk Arbitrage is the classic text on arbitrage strategies. Be the first to ask a question about Risk Arbitrage. Risk Arbitrage An Investor's Guide (Book) : Moore, Keith M. : The definitive guide to risk arbitrage, fully updated with new laws, cases, and techniques Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. This book outlines a solid framework to assess risk arbitrage opportunities. It’s a quick read. Imagine a financial institution. Help others learn more about this product by uploading a video! Find all the books, read about the author, and more. This book is not yet featured on Listopia. At the same time, the nature of the current merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to investors of every stripe. Textbook Arbitrage With Zero Risk ( Almost Zero) Textbook Arbitrage With Zero Risk ( Almost Zero) April 24, 2016 admin. But Paulson's roots stem from risk arbitrage and hopefully the above has been a useful look at this popular hedge fund strategy from a prominent manager himself. Arbitrage is about common sense, and if you rely on greek letters to support your decision, you will be disappointed. Goodreads helps you keep track of books you want to read. In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. There was a problem loading your book clubs. Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free. This shopping feature will continue to load items when the Enter key is pressed. Risk arbitrage spreads on stock mergers, acquisitions, and other restructuring activities. Widely popular during the M&A boom of the early '80s, risk arbitrage is making a comeback. Congratulations, Keith, on accomplishing what none of your predecessors could." It's ok for a beginner, covers the basics and gives a few anecdotes from his investment career, that's about it. A detailed look at an important hedge fund strategy Written by a fund manager who invests solely in merger arbitrage, also referred to as risk arbitrage, and other event-driven strategies, Merger Arbitrage is the definitive book on how this alternative hedge fund strategy works. Unfortunately, it is very flabby and poorly written, much less helpful than the insultingly titled but brilliant book by Joel Greenblatt "You can be a stock market genius." Illuminated by real-world examples and case studies, Risk Arbitrage is a must-have guide for every serious investment professional and savvy individual investor. Quite frankly, I see this book as only someone who is working in the M&A field or has a strong desire to work in M&A as can’t quite see where the value add is for anyone else. Reviewed in the United States on March 7, 2002. It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. Reviewed in the United States on December 10, 2001. Liquidation arbitrage involves estimating the … The Risk Arbitrage Report for Jan 18, 2021. To get the free app, enter your mobile phone number. There was an error retrieving your Wish Lists. Just a moment while we sign you in to your Goodreads account. This book is a painfully striking example of this. January 27th 2009 Top subscription boxes – right to your door, © 1996-2020, Amazon.com, Inc. or its affiliates. This book is a painfully striking example of this. good introduction, but on a very basic level indeed, Reviewed in the United States on May 3, 2000. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. New Deals: • B Riley Financial Inc Com (RILY) to acquire National Holdings Corp Com (NHLD). Looking for a fictional meet-cute in the new year? Merger Masters: Tales of Arbitrage (Heilbrunn Center for Graham & Dodd Investing Series), Risk Arbitrage: An Investor's Guide (Wiley Finance), Merger Arbitrage: How to Profit from Global Event-Driven Arbitrage (Wiley Finance), Deals Deals and More Deals: Risk Arbitrage - The Announcement of a Merger is the Beginning of an Opportunity, The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, Warren Buffett and the Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations, More Money Than God: Hedge Funds and the Making of a New Elite. For the most part, the book glosses over in mostly limited detail the key steps in understanding merger arbitrage. This is not a book for the aspiring finance professionals out there or anyone just working i. I thought I would check out this book as Merger Arbitrage was a topic that I thought sounded “sexy” and would be interesting to learn about. As with many things, my initial expectations were very wrong after I read this book. There are no discussion topics on this book yet. The author makes application of these models to cash tenders (friendly and hostile), stock for stock transactions (with and without collars), complex deals involving cash, stocks warrants, bonds etc., and he devotes an entire chapter to hostile takeovers. It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. Risk Arbitrage: Liquidation Arbitrage This is the type of arbitrage Gordon Gekko employed when he bought and sold off companies. 0 Comments. A much-needed, up-to-date primer on the risk arbitrage investment process. His experience in the industry is more interesting as others have noted. Unable to add item to List. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Textbook Arbitrage With A Twist. He offers, with careful descriptions and examples, several mathematical models to aid in the assessment of these three areas, including a model which melds all three via a risk-adjusted rate of return calculation. January 18th, 2021. Retail Arbitrage by Chris Green. Widely popular during the M&A boom of the early '80s, risk arbitrage is making a comeback. The current wave of corporate mergers, acquisitions, restructurings, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. By the time you are done with this book, you will hunger for greater detail on the fascinating topic of merger arbitrage. Go to pages 67-69 and you will see photocopies of price lists and stock charts taking up two full pages. Much of this is outdated but still worth your time. So you walk away knowing what risk arbitrage is (if you haven't known already), but no more. Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. One of rare books available to teach you the techniques related to merger arbitrage, though there are unbelievably many mistakes in the book (I think they are from publisher not author). Then, the author helpfully dissects risk arbitrage analysis into its most practical three analytic components: rate of return, risk and probability. Keith Moore's Risk Arbitrage: An Investor's Guide is the first systematic attempt to break the silence around the secrets of the investment and trading strategy that exploits these corporate restructurings: risk arbitrage. 1 left in stock - order soon. This new edition is completely updated and fully … The author's considerable experience has allowed him to convey a somewhat complicated topic in non-complicating language. A large part of the book consists of specific examples of transactions. Reviewed in the United States on May 15, 2007. Originally published in 1982, Risk Arbitrage has become a classic on arbitrage strategies by the dean of the arbitrage community. Reselling textbooks is a reliable way to make up to 200%+ ROI on your money, over and over again. A much-needed, up-to-date primer on the risk arbitrage investment process. Please try again. Please try your request again later. In a nutshell, book arbitrage refers to the process of finding cheap books from a vendor and reselling them at a higher rate to turn in a profit. Prior to founding Jupiter Capital, he was a partner at Neuberger Berman, in charge of that firm's merger arbitrage and convertible arbitrage activities and a senior vice president in charge of merger arbitrage at Donaldson, Lufkin & Jenrette. Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. Just think of the information difference between the two books. Retail Arbitrage by Chris Green, is one of the bests there is and talks … Refresh and try again. Welcome back. The book is very technical as it goes through a lot of the math calculating parity which shows the underlying math used to calculate the arbitrage opportunity in these merger cases. Before investing in one, it … "Never in history have there been so many mergers and takeovers like those in the late '90s! Please try again. Widely popular during the M&A boom of the early '80s, risk arbitrage is making a comeback. The book … This post will tell you how to make money from this. Being an experienced professional in one field, even a world-class champion like Guy Wyser-Pratte, doesn't mean you can write. This complete resource takes investors through the ins and outs of risk arbitrage, explaining how it works and how to apply it in real-world situations. I'm surprised this book does not receive more attention as it is apparently the first book in a long while to give a careful treatment to the alluring and ellusive business of risk arbitrage. Covering everything from average expected returns to corporate freeze-ins, this book also introduces a new chapter on "active arbitrage" that shows the morphing of activism and arbitrage. 3.4 out of 5 stars 3. Written by leading activist fund manager Guy Wyser-Pratte, also known as “the dean of the arbitrage community,” this book provides an unparalleled overview of risk arbi-trage—with a clear focus on merger arbitrage—and how it has been used over the years, I picked it up because I'm interested in basically all aspects of trading and investing and this book had been mentioned many times by various famous investors as a great source of knowledge and inspiration. In other words, where a regulated institution takes advantage of the difference between its real (or economic) risk and the regulatory position. I picked it up because I'm interested in basically all aspects of trading and investing and this book had been mentioned many times by various famous investors as a great source of knowledge and inspiration. Taking a systematic approach, Keith M. Moore gets you quickly up to speed on basic risk arbitrage concepts, terminology, and equations. This is typical of the padding that makes up too much of this book. Interesting book with good information but not enough. Regulatory arbitrage "is an avoidance strategy of regulation that is exercised as a result of a regulatory inconsistency". Now, in the first insider's guide to risk arbitrage to appear since Ivan Boesky's 1985 classic, Merger Mania, one of Wall Street's most successful risk arbitrageurs draws upon his three decades of experience to arm you with the knowledge and skills you need to know to make this powerful investment strategy work for you. WITHOUT knowing all these greek letters like delta and gamma. From researching prospects and determining your position, to hedging and trading tactics, Moore arms you with the full complement of sophisticated risk arbitrage techniques with which he has consistently realized substantial returns for his clients and himself. He discusses portfolio management at length, with handy illustrations of how might one implement the use of spreadsheets, and also discusses hedging strategies fairly carefully. This is not a book for the aspiring finance professionals out there or anyone just working in the finance industry in general. KEITH M. MOORE is Managing Partner of Jupiter Capital LLC, a hedge fund specializing in risk arbitrage. This book outlines a solid framework to assess risk arbitrage opportunities. It also presents a systematic approach to risk arbitrage techniques that work in today's market. A wave of corporate mergers, acquisitions, restructuring, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. Please try again. It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. Risk arbitrage, also known as merger arbitrage, is an investment strategy that speculates on the successful completion of mergers and acquisitions.An investor that employs this strategy is known as an arbitrageur. Reviewed in the United States on August 8, 2005. In addition to the six new deals, there were four potential deals in the works and four new SPAC business combinations announced last week. To see what your friends thought of this book, Being an experienced professional in one field, even a world-class champion like Guy Wyser-Pratte, doesn't mean you can write. Full content visible, double tap to read brief content. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. How to Profit from Special Situations in the Stock Market. Leave this one alone. It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. Originally published in 1982, Risk Arbitrage has become a classic on arbitrage strategies by the "dean of the arbitrage community. " As with many things, my initial expectations were very wrong after I read this book. This book provides conceptual issues that can be applied to options, etc. Maurece Schiller. —George A. Kellner CEO, Kellner, DiLeo & Co. "This book fills a surprising void on the subject of arbitrage at a time that could not be more propitious. So the head of risk arbitrage trading takes you out for a coffee and talks about his business in very basic terms, not giving away anything (in case he decides that you don't fit into his group). I have read at least 50 books on investing, and worked as a professional trader for over 5 years, and still I had great difficulty getting through this one. Crazy Tips For Book Arbitrage Amazon.com's Gratification by Amazon.com (FBA) service was introduced in 2006 as well as additionally helped create a consistent stream of brand-new magazine suppliers. Sunday, January 17, 2021. From average expected returns to turning a position, cash tender offers, exchange offers, recapitalizations, spinoffs, stub situations, limited risk arbitrage, and corporate freeze-ins, the book provides a step by step walk through of a world of arb strategies … It also analyzes reviews to verify trustworthiness. Anyone with some degree of financial acumen, or who is interested in perhaps starting a hedge fund, will find it an incomplete discussion, but a very worthy read along the way toward greater mastery of this subject. This risk arbitrage book list provides a solid introduction to merger arbitrage as an alternative event driven investment strategy. It is a great introduction to an investment arena long in need of a reliable navigator. —Albert B. Cohen Albert B. Cohen Partners, LP. He then walks you, step-by-step, through all the elements of the risk arbitrage process. Textbook Arbitrage 101 is an introductory course that aims to teach Textbook Arbitrage. Having no M&A background myself, I did feel lost for a great portion of the book and skipped through most of the M&A math. The risk arbitrage trader seizes the opportunity in time to buy the shares at $33. Mr. Moore is also an adjunct professor of finance at New York University's Stern School of Business and an adjunct member of the faculty at the University of Rhode Island. This complete resource takes investors through the ins and outs of risk arbitrage, explaining how it works and how to apply it in real-world situations. Let us know what’s wrong with this preview of, Published This is a work that will prove useful to investors ranging from novices to professionals and should be especially helpful to those teaching finance courses at our colleges and universities. Amazon has a book buy back / trade in program. Would likely have been better if the author systematized strategies a bit more with common ways to find good targets and how things can go well and poorly. There's a problem loading this menu right now. The author could have offered a more animated and detailed walk through of previous deals, to involved the reader in the drama that often unfolds during the lifetime of deals. This complete resource takes investors through the ins and outs of risk arbitrage, explaining how it works and how to apply it in real-world situations. Risk Arbitrage has become a classic on arbitrage strategies by the "dean of the arbitrage community Paperback It is written clearly and comprehensively and should be helpful to all who are interested in the subject, regardless of experience." Picking books from references by professionals that I admire had always worked for me before, but this time I was very disappointed. The author describes types of transactions and the elements of return, risk, and You are a fresh graduate recruit, and you are put on the risk arbitrage desk. From average expected returns to turning a position, cash tender offers, exchange offers, recapitalizations, spinoffs, stub situations, limited risk arbitrage, and corporate freeze-ins, the book provides a step by step walk through of a world of arb strategies … In Textbook Arbitrage 101, I teach: The issue here is broader than just risk arbitrage.It is the value system of Wall Street, a deregulated, in-bred community where high overheads and abundant opportunities for wealth propel investment bankers to generate ever more information, more fees, more short-term speculation. However, a more thorough discussion on collar deals would be helpful. This book is an introduction to investing in corporate restructuring. About this book. Praise for Risk Arbitrage an Investor's Guide. You're listening to a sample of the Audible audio edition. Risk arbitrage is a type of event-driven investing in that it attempts to exploit pricing inefficiencies caused by a corporate event. Risk Arbitrage Books Showing 1-3 of 3 Merger Arbitrage: How to Profit from Event-Driven Arbitrage (Hardcover) by. I've read quite a few books on the subject of retail arbitrage and selling on Amazon. Something went wrong. Instead, this book focuses on explaining WHY FBA works for sellers, and HOW retail arbitrage can help boost your profits. In addition, the reader also learns about the historical development and leading figures of the Mergers & Acquisitions (M&A) industry. As value investor, this book provides a good but simple understanding of what RA is. Risk arbitrage an investment strategy to profit from the narrowing of a gap of the trading price of a target's stock and the acquirer's valuation of that stock in an intended takeover deal. An arbitrage fund is a type of mutual fund that appeals to investors who want to profit from volatile markets without taking on too much risk. Merger activity decreased last week with six new deals announced and four deals completed. Clear, Thoughtful Blueprint to an Ellusive Investment Arena, Reviewed in the United States on January 29, 2000. Merger Arbitrage Mondays – Fitbit Closes And Acacia Receives A Better Deal. Reviewed in the United States on July 13, 2014, Reviewed in the United States on August 15, 2012. by John Wiley & Sons, Risk Arbitrage (Wiley Investment Classics). Reviewed in the United States on August 8, 2005. From average expected returns to turning a position, cash tender offers, exchange offers, re. For this post, we will zero-in on online arbitrage opportunities so you can find the cheapest and most in-demand books in the market with the least effort. Many times on book listings you will see an offer “Sell yours for a gift card”. For further insight from on hedge fund strategies from John Paulson and other managers, check out the book Managing Hedge Fund Risk . From average expected returns to turning a position, cash tender offers, exchange offers, recapitalizations, spinoffs, stub situations, limited risk arbitrage, and corporate freeze-ins, the book provides a step by step walk through of a world of arb strategies illuminated by real world examples and case studies. Order soon thorough discussion on collar deals would be helpful latest risk arbitrage has become a classic on strategies! Mondays – Fitbit Closes and Acacia Receives a Better Deal Head of Specialized Equity and... M & a boom of the padding that makes up too much of this book,... T use a simple average then you can write few anecdotes from his career! An Ellusive investment Arena, reviewed in the United States on August 15 2007!, my initial expectations were very wrong after I read this book most practical three components. 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